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Top Market Shifts Transforming the Image Recognition In Retail Market Landscape: Key Insights
Image Recognition In Retail Market
What Is the Expected CAGR for the Image Recognition In Retail Market Through 2025?
In recent times, the market size for image recognition in retail has expanded swiftly. It is projected to rise from $2.38 billion in 2024 to $2.85 billion in 2025, with a compound annual growth rate (CAGR) of 19.9%. The growth experienced over the past years can be credited to factors such as the drive to improve customer interaction, the rising significance of visual merchandising, better access to high-quality data, increased competition and distinctiveness in retail, rising customer demand for seamless shopping experiences, improved security and loss prevention, along with measures taken for regulatory compliance and privacy.
What's the Projected Size of the Global Image Recognition In Retail Market by 2029?
The retail industry's image recognition market size is projected to witness significant growth in the coming years, swelling to a magnitude of $5.96 billion in 2029. This implies a compound annual growth rate (CAGR) of 20.2%. Various factors fueling this expansion in the projection period include the consistent growth of online shopping, international spread of e-commerce platforms, advent of visual search engines, an improved in-store shopping experience, a preference for sustainable and ethical goods, tailored marketing strategies, and desire for touchless shopping, as well as emphasis on accessibility and inclusivity. The prediction period will also see dominant trends like visual search features, personalized shopping suggestions, in-store customer data analysis, automated checkout methods, customer service powered by artificial intelligence, real-time cost and competitor evaluations, and collaboration with e-commerce platforms.
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Top Growth Drivers in the Image Recognition In Retail Industry: What's Accelerating the Market?
The escalating reliance on smartphones is predicted to propel the need for image recognition in the retail sector moving forward. A smartphone, an advanced electronic gadget, merges the attributes of a conventional mobile phone with superior computing capabilities. The extensive acceptance of smartphones lays a vast base of users for image recognition applications and services. For example, in February 2024, Uswitch Limited, a Financial Conduct Authority in the UK, reported that mobile connections in the UK had risen to 71.8 million, a growth of 3.8% from the previous year, adding approximately 2.6 million more connections. Moreover, it is anticipated that UK's population will burgeon to 68.3 million by 2025, and approximately 95% of the population, roughly 65 million people, will own a smartphone. Hence, the escalating utilization of smartphones will fuel the expansion of image recognition in the retail sector.
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What Trends Will Shape the Image Recognition In Retail Market Through 2029 and Beyond?
Advancements in technology are becoming increasingly popular trends in image recognition within the retail sector. Key industry players in image recognition for retail are centered on technological growth to sustain their position in the market. For example, in December 2023, Mastercard, a United States-based credit card firm, unveiled Shopping Muse, an AI tool offering product suggestions. Shopping Muse includes sophisticated image recognition capabilities in its suite of features. Users can upload photos of products they desire, and the tool can suggest similar products based on visual similarities, even if the products do not have precise technical tags. This characteristic improves the preciseness and customization of product suggestions, making it extremely advantageous in retail settings where visual appeal plays a major part in the decision-making process of customers.
What Are the Main Segments in the Image Recognition In Retail Market?
The image recognition in retailmarket covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Type: Code Recognition, Digital Image Processing, Facial Recognition, Object Recognition, Other Types
3) By Deployment: On-Premises, Cloud
4) By Application: Scanning And Imaging, Image Search, Security And Surveillance, Augmented Reality, Marketing And Advertising, Other Applications
Subsegments:
1) By Hardware: Cameras And Sensors, Edge Devices, Processing Units
2) By Software: Image Recognition Software, Machine Learning Algorithms, Analytics Software
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training Services
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Which Top Companies are Driving Growth in the Image Recognition In Retail Market?
Major companies operating in the image recognition in retail market are Catchoom Technologies S.L., Ricoh Innovations Corporation, Blippar Ltd., Jumio Corporation, Google LLC, Wikitude GmbH, Trax Retail Solutions Pte. Ltd., Snap2Insight Inc., Clarifai Inc., Slyce Inc., ParallelDots Inc., NEC Corporation, Huawei Technologies Co. Ltd., Qualcomm Incorporated, Amazon Web Services Inc., Zippin Inc., Vispera Information Technologies Ltd., Hitachi Ltd., NVIDIA Corporation, International Business Machines Corporation, Intel Corporation, Toshiba Corporation, Honeywell International Inc., Sharp Corporation, Attrasoft Inc., Syte Visual Conception Ltd., Shutterstock Inc.
Which Regions Will Dominate the Image Recognition In Retail Market Through 2029?
North America was the largest region in the image recognition in retail market share in 2024. The regions covered in the image recognition in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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